ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY
2021 04-TB-00043-0 978-621-04-3464-4 BS Hospitality Management and BS Tourism Management Tourism a nd Hospitality Business Environment ................................. 31 a. The Tourism and Hospitality Industry ....................................... 31 b. Tourism and Hospitality Industry System................................... 33 c. Tourism and Hospitality Industry Value Chain ........................... 34 d. Entrepreneurship and Entrepreneurs in Tourism and Hospitality ......................................................... 35 e. Features of Tourism and Hospitality-Related Business .............. 35 f. Trends in Travel and Gastro Markets ......................................... 36 g. Innovations in the Tourism and Hospitality Business En vironment ................................................................ 38 Stra tegic Management and the Entrepreneurial Process ................... 42 a. Identifying the Competitive Advantage ..................................... 42 b. Strategic Management Process ................................................. 43 c. Market Segmentation and Positioning ...................................... 56 Forms of Tourism and Hospitality Business Ownership and Franchising ................................................................ 58 a. Sole Proprietorship ................................................................... 59 b. Partnership ............................................................................... 59 c. Corporation ............................................................................... 61 d. Franchising ................................................................................. 66 1. Types of Franchising ......................................................... 67 2. Benefits of Franchising ..................................................... 68 3. Drawbacks of Franchising ................................................ 68 4. Franchising Rules and Regulations..................................... 69 e. Business Acquisition in Tourism and Hospitality ........................ 69 1. Buying an Existing Tourism and Hospitality Business ........ 69 2. Steps in Acquiring a Tourism and Hospitality Business ...... 70 3. Evaluating an Existing Tourism and Hospitality Business... 71 4. Understanding the Seller’s Side ........................................ 72 Crafting a Business Plan……………………………………………………………………. 74 a. Value of Developing a Business Plan .......................................... 75 b. Elements of a Business Plan ....................................................... 75 c. Benefits of a Business Plan ........................................................ 81 d. Differences Between Strategic Management, Feasibility Study, and Business Plan .......................................... 82 Building a Marketing Plan................................................................... 84 a. Market Research ........................................................................ 93 b. Industry Analysis ....................................................................... 95 1. PESTEL .............................................................................. 95 2. PORTER ............................................................................. 96 c. Identification of the Target Market ........................................... 98 d. Marketing Mix ........................................................................... 99 e. Marketing and New Media ........................................................ 100 f. Development of Advertising and Promotion Plan ..................... 101 g. IMC in Tourism and Hospitality ................................................. 102 Creating a Successful Financial Plan .................................................. 107 a. Sources of Finance ..................................................................... 107 b. Financial Management............................................................... 109 c. Basic Financial Statements ........................................................ 111 d. Cash Management .................................................................... 115 e. Cash Budget .............................................................................. 116 f. Ratio Analysis and Interpreting Financial Ratios ....................... 117 g. Break-even Analysis .................................................................. 119 h. Pricing Strategies and Tactics .................................................... 119 i. Pricing Concepts for Service Firms and Food Retailers ............. 121
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CHAPTER 3
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CONTENTS
CONTENTS
SECTION II: PLANNING THE TOURISM AND HOSPITALITY BUSINESS VENTURE CHAPTER 4
Preface ........................................................................................................................ iii SECTION I: THE WORLD OF ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY CHAPTER 1 Entrepreneurship and Economic Development in Tourism and Hospitality .................................................................. 2 a. Context, Theoretical Perspectives, and Definitions of an Entrepreneur..................................................................... 5 b. Economics and Economic Development Principles .................... 6 c. Characteristics and Roles of an Entrepreneur............................ 10 d. The Application of Entrepreneurship in the Tourism and Hospitality Industry ............................................... 15 e. Risks and Rewards of Entrepreneurship..................................... 16 f. Drivers and Barriers to Entrepreneurship .................................. 18 g. Applied Ethics in Service Industry Entrepreneurship ................. 20 h. UN SDGs in the Context of Tourism and Hospitality Industry ................................................................... 21 CHAPTER 2 Preparation Toward an Entrepreneurial Journey ................................ 25 a. Converting Ideas to Reality ........................................................ 25 b. Creativity in Entrepreneurship ................................................... 26 c. Innovation in Entrepreneurship ................................................. 26 d. Passion Follow-through in Entrepreneurship ............................. 27 e. The Three Os (Opportunity Seeking, Opportunity Screening, and Opportunity Seizing) ........................................................... 28 f. Personal Entrepreneurial Competencies.................................... 28 g. Interpersonal Competencies...................................................... 29 h. Business Competencies.............................................................. 29 i. Protection of Creative Ideas....................................................... 30
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vi SECTION III: DEVELOPING A BUSINESS PLAN CHAPTER 6
CHAPTER 3
v Tourism a nd Hospitality Business Environment ................................. 31 a. The Tourism and Hospitality Industry ....................................... 31 b. Tourism and Hospitality Industry System................................... 33 c. Tourism and Hospitality Industry Value Chain ........................... 34 d. Entrepreneurship and Entrepreneurs in Tourism and Hospitality ......................................................... 35 e. Features of Tourism and Hospitality-Related Business .............. 35 f. Trends in Travel and Gastro Markets ......................................... 36 g. Innovations in the Tourism and Hospitality Business En vironment ................................................................ 38
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SECTION II: PLANNING THE TOURISM AND HOSPITALITY BUSINESS VENTURE CHAPTER 4
CHAPTER 8
Stra tegic Management and the Entrepreneurial Process ................... 42 a. Identifying the Competitive Advantage ..................................... 42 b. Strategic Management Process ................................................. 43 c. Market Segmentation and Positioning ...................................... 56 Forms of Tourism and Hospitality Business Ownership and Franchising ................................................................ 58 a. Sole Proprietorship ................................................................... 59 b. Partnership ............................................................................... 59
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